Additional Services

Additional Services

Our additional professional services incorporate the following:

Market Reports

We are frequently approached by clients who need us to undertake a detailed market appraisal specific to their investment activity or current real estate portfolio holding. Our market reports cover a number of angles and provide our clients with valuable information to enable them to make an informed investment decision prior to committing to a new acquisition or even selling an existing asset. It may not be the right time to buy or even to sell. There may also be value add initiatives that have not be exploited on a single or multiple of assets which need to be instigated prior to the sale in order to maximise values, and to be in a position to sell at the optimum point in the market.

Our market studies look specifically at rental and yield activity in a particular market sector (Commercial, Offices, Retail, Industrial, Residential) over the last 12 months or more, and make some prediction on future market movements as far as reasonably possible.

If you are a Property Investor or if you are interested in obtaining detailed information on the Gibraltar real estate market, then you will benefit from commissioning a market report to provide you with the information that you require.

Examples on the types of reports that we prepare for clients include:

  • Investment Advice (sale or acquisition).
  • General Market Reports on particular market sectors. This can help support portfolio valuations and investment values.
  • Properties suitable for Disabled Access or other specific needs.
  • Office/ Retail and Industrial reports providing schedules of available accommodation and quoting terms.
  • Residential property searches (specific to client requirements) detailing prices per square meter for comparable evidence and to support investment decision when acquiring a new asset.
  • Rental valuation reports to support Market Rental values when deciding on rent review or lease renewal negotiations. Should you need this type of report we also recommend that you use our Professional Services so that we negotiate on your behalf with the other party, and which will ensure that you get the best possible result (see below).

For more information, please contact us using the quick contact form above.

Rent Reviews and Lease Renewals

Richardsons are experienced in handling rent reviews and lease renewals on behalf of landlords or tenants of Commercial Property.  We can provide you with professional advice on the requirements of a rent review clause, which can often be complicated and confusing, and up- to-date advice on Gibraltar Landlord & Tenant legislation.

Our services include:

  • Examination of the relevant lease documents, and advice on any specific issues, including time limitations e.g. time being of the essence.
  • Preparation and service of rent review notices where appropriate.
  • A measurement survey of the property.
  • Provide floor plans for the premises if required.
  • Negotiations with Landlords, Tenants or their agents.
  • Acting as an Independent Expert or Arbitrator (see further information below) should the Market Rent at rent review be in dispute between the Landlord and Tenant. We can only act in this capacity if we are not acting for either the Landlord or Tenant.
  • Preparation of submissions for Arbitration or Independent Expert determinations if required (see further information below).
  • Preparation of the Rent Review Memorandum on agreement of the market rent at rent review
  • Issuing of Heads of Terms on agreement of new lease terms at lease renewal.

Acting as an Independent Expert or Arbitrator

Our Chartered Surveyors have experience and the required professional expertise to act as an RICS Independent Expert or as an Arbitrator in the event of a dispute between the Landlord and Tenant where the level of Market Rent cannot be agreed. This applies only to commercial rent reviews.

An explanation of the two dispute resolution procedures is provided below

Independent Expert

An Independent Expert is more commonly used where a particular dispute is heading towards to the Courts (or another body such as an Arbitrator) for resolution. As an Independent Expert, we are able to act in this capacity due to our expertise within the Gibraltar real estate market. We have special knowledge, skills and experience to be able to provide our expert opinion on Market Value paying particular regard to the lease terms and market conditions at the date of the transaction.

The main points to be aware of when appointing an Independent Expert (provided by the RICS Guidance Note) are:

  • The independent expert has the duty to investigate into the matter to discover the facts, details of relevant comparable transactions and all other information relevant to his/ her valuation (though they may receive information regarding these matters from the parties).
  • The independent expert bases their decision upon their own knowledge and investigations, but may be required (subject to the appointing parties) to receive submissions from the respective parties.
  • There is no right of appeal against the determination of an expert, though in some very limited circumstances the court may set it aside.
  • The independent expert has a duty to use their own knowledge and experience in arriving at their own decision. However, during the course of the investigation the independent expert may seek routine administrative or other assistance from any other person. This is always provided that they are in a position to vouch for the accuracy with which such tasks are carried out.
  • An independent expert has no power to make any orders as to their fees, or as to the costs of a party, unless such a power is conferred upon them by the lease or by agreement between the parties i.e. fees are to be split equally between the parties.
  • There is no procedure for formal determination of an independent expert's fees.
  • There is no right of appeal against the determination of an expert, though in some very limited circumstances the court may set it aside.
  • The independent expert is liable in damages for any losses sustained by a party through their negligence. This is so notwithstanding that the court will not interfere with a final and binding determination that he has made.
  • Expert evidence must be independent, objective and unbiased.

For more information, please contact us using the quick contact form above.

Arbitrator

In comparison to an Independent Expert, the Arbitrator is bound by the relevant arbitration legislation, and an outline of an Arbitrators duties are: 

  • The arbitrator acts (as does a judge) only on evidence and arguments submitted to them. They are however able to draw the parties' attention to matters of which they may not be aware of. They are also able to take the initiative in ascertaining the facts and the award must lie between the extremes contended for by the parties. The arbitrator is, however, expected to use their expertise in assessing the relevance and quality of the evidence and arguments submitted.
  • The arbitrator cannot decide without receiving evidence from the parties, or from one of the parties when they are 'proceeding in default' by the other, except where proceeding on their own initiative.
  • The procedure for arbitration is regulated by the Arbitration Act.
  • A party to an arbitration can seek and (through the courts) compel disclosure of documents or the attendance of witnesses.
  • An arbitrator may not delegate any duties, powers or responsibilities, although they can seek assistance should this be necessary.
  • In an arbitration the arbitrator can award that one party shall pay all or part of the arbitrator's fees and all or part of the other party's costs. They can also assess the quantification of those fees and costs.
  • The arbitrator's fees can be determined by the court under the Act
  • There is some (albeit limited) right of appeal against the award of an arbitrator on a point of law. An arbitrator's award may also be challenged in the courts on the basis that the arbitrator did not have jurisdiction or on the grounds of 'serious irregularity'. If a serious irregularity is shown the court may (in whole or part) remit the award, set it aside or declare it to be of no effect
  • Providing they have not acted in bad faith the arbitrator is not liable for negligence.

For more information, please contact us using the quick contact form above.

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